Big banks run over Michiganders

As a proud resident born and raised here in Michigan, it pains me to see our fellow Michiganders being run over by the big banks.

Michiganders are well respected throughout the United States as hard-working, reliable and professional people. This economic recession and lack of money and jobs are due in part to the irresponsibility of big banks.

For the past six months, I’ve proposed a consolidation refinance plan to several state, local and community financial lenders, showing a way to circulate more money to our economy. The plan would allow homeowners to refinance an allotted amount and consolidate debt based on their current monthly mortgage payment. Cash-out is not an option.

However, this would allow homeowners to reduce their monthly monetary obligation, putting money back in their pockets. Lenders would be paid off with credit intact. The mortgage holder (bank) would earn interest from a new loan contract while gaining additional monetary income from new members depositing their extra money in a bank account.

Three years ago, I spent two years making adjustments to meet a big bank’s criteria so I could refinance based on this very plan. After 19 years in business, once again, the bank canceled the closing.

The lack of compassion and common sense by these financial institutions is very upsetting and disheartening. And 95 percent of my money is sent out of Michigan. Michigan is losing millions of dollars monthly by allowing the big banks to influence our society and regulate this economy. Not to be bold, but I’m sending over $3,000 a month to another state, which could be kept here circulating throughout the local communities. Why?